Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.022%

Price spread now: OKX against Phoenix+0.048%56s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and OKX is 0.048% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	12.834	0.0087	pay 0.0011% / 1h	26m 22s	$3K	$85K	10x
Short	OKX LINK-USDT-SWAP	12.840	0.0100	get 0.0100% / 8h	7h 26m	$27.0M	$79.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee OKXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $2.77
Price spread: +0.048% → 0.000%: $4.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$9.4
Costs to cover: 0.170%
Break-even: 30.7 days

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	0.39 bp	5.9 bp −$6	11.6 bp −$116	28.3 bp −$2,831	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

LINK on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_LINK_USDC	−0.0119%	8h	12.840	+0.048%	$90K	$965K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.851	+0.131%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.854	+0.154%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.823	−0.085%	$105K	—	150x	as long as short
Bybit LINKUSDT	+0.0016%	8h	12.839	+0.041%	$83.1M	$72.7M	75x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.380%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.847	+0.103%	$6.4M	$8.4M	50x	as long as short
Phoenix LINKlong	+0.0087%	1h	12.834	long leg	$3K	$85K	10x
Lighter LINK	+0.0096%	1h	12.843	+0.072%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.838	+0.030%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.845	+0.087%	$347K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.848	+0.111%	$80.2M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.848	+0.111%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.843	+0.069%	$273K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.841	+0.057%	$118.5M	$295.5M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.840	+0.048%	$27.0M	$79.1M	50x
Arcus LINK-USD	+0.0100%	1h	12.856	+0.173%	$180K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.842	+0.064%	$133.2M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.840	+0.048%	$35.1M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.847	+0.103%	$22.7M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.837	+0.025%	$53.6M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.838	+0.033%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.853	+0.150%	$334K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.832	−0.011%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.834	0.000%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.831	−0.024%	$575K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.841	+0.056%	$131K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.846	+0.095%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−0.090%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.863	+0.224%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.847	+0.103%	$10K	$58K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.828	−0.044%	$627K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.831	−0.020%	$614K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.846	+0.095%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0124%	1h	12.852	+0.141%	$804K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.822	−0.092%	$922K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.844	+0.079%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.841	+0.060%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0529%	8h	12.862	+0.220%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.1401%	1h	12.844	+0.083%	$345K	$49K	10x	as long as short